THE DISMAL SCIENCE: A LETTER TO THE ECONOMIST (February 15, 2011)
In your poll of some fifty prominent economists, you asked “which economist was most influential over the past decade?” (“The Contemporary Keynes,” February 12, 2011). And Ben Bernanke came on top. Of course, the chairman of the Federal Reserve earned this praise on account of his job rather than his economics. John Maynard Keynes came second, though. Long dead, he has done so well because of his economics only. Jeffrey Sachs, Hyman Minsky, and Paul Krugman shared the third place. Now, if Bernanke were not at the helm of the Fed, he would not be on the list, either. In that case, Keynes would be the winner. Given that his major work came out some eighty years ago, that is a feat worth emphasizing. By comparison with him, a man of both ideas and influence, all the others on your list are mere technicians. Which also shows how dismal the dismal science has gotten over less than a century.